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Turkiye surpassed Germany in steel production and became the largest in Europe with 3.2 million tons

Turkiye surpassed Germany with its January performance and became the largest steel producer in Europe.

With its performance in January, Turkiye left Germany behind in world steel production and rose again to seventh place and the largest steel producer in Europe.

Turkish Steel Producers Association (TCUD) published an evaluation of January crude steel production figures.

In January 2024, Turkiye’s crude steel production increased by 24.7% compared to the same month last year, reaching 3.2 million tons.

Finished product consumption reached 3.5 million tons in January 2024, an increase of 19.5% compared to the same month of 2023.

In January 2024, exports of steel products increased by 23.0% in quantity, reaching 894.7 thousand tons, and in value, increased by 10.1%, reaching $662.1 million, compared to the same month of 2023.

When the sub-items of exports are examined, in January 2024, exports compared to the same period of the previous year; flat products increased by 89.1% to 347.8 thousand tons, long products increased by 2.0% to 536.7 thousand tons, and semi-finished products decreased by 41.3% to 10.2 thousand tons.

In January 2024, imports of steel products increased by 12.4% in quantity, reaching 1.4 million tons, and decreased by 1.6% in value, reaching $1.1 billion, compared to the same month of 2023.

When the sub-items of imports are examined, in January 2024, compared to the same period of the previous year, imports; flat products increased by 8.8% to 735.9 thousand tons, long products decreased by 29.1% to 98.8 thousand tons, and semi-finished products increased by 32.1% to 549.3 thousand tons.

Foreign trade deficit in steel products decreased from $490.8 million to $412.3 million in January 2024, with a 16.0% decrease compared to the same period last year. The export-import coverage ratio increased from 55.1% to 61.6% in January 2024, with an increase of 6.6 percentage points compared to the same period last year.

Source: Patronlardunyasi / Prepared by Irem Yildiz

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